Brent crude price rises above $ 78 per barrel for the first time since October 2018

World oil prices accelerated their growth rates; the cost of Brent crude exceeded the $ 78 per barrel mark for the first time since October 29, 2018, according to trading data.

The price of November futures for Brent crude oil grew by 1.09%, to $ 78.09 per barrel, November futures for WTI – by 1.11%, to $ 74.11 per barrel.

Towards the end of the working week, investors are more likely to pay attention to positive market factors such as the outlook for demand and market recovery.

Looking at oil demand, the lack of new lockdowns in Europe, the steady recovery of car travel in China, and the lifting of the US ban on foreign tourists from November 2021.
It improves the prospects for growth in the coming quarters; the Wall Street Journal quoted the analyst saying Rystad Energy Louise Dickson.

Meanwhile, according to oilfield services company Baker Hughes, the number of operating oil rigs in the United States in the week ended September 24 increased by 10 to 421 units.